Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Down 4
Rains fall over much of southern Iowa overnight. U.S. corn crop is rated 65% Good/Excellent ver-sus 68% last week (76% last year). Silking is pegged at 19% compared to 30% last year and the 5-year average of 27%. Brazil corn vessel lineups ramping up. US corn is priced out of the market for most. Brazil Ethanol Imports Exceed Exports in 1Q of Season. December 17 futures reach a new high on overnight at $4.17 ¼. Forecast remains above average temps and below average moisture.
Beans as of 7:45: Down 10
U.S. soybean crop is rated 62% Good/Excellent versus 64% last week (71% last year). Blooming is pegged at 34% compared to 37% last year and the 5-year avg. of 32%. Setting pods: 7% vs. 6% last year and the avg. of 5%.
Brazil's soybean exports may decline to 62 million tons from record 64 million. Crop expert Cordonieer dropped his US soy yield ½ bpa to 47.5bpa. November 17 Futures hits new high overnight of 10.47 futures. This is an excellent example of why targets are important. Contact your local grain marketing specialist to get your targets working today!
Wheat as of 7:45: MW-UP 5 KC Down 5
Tomorrow USDA will release their month S & D. The wheat supply will be watched closely not only in the US but the world. Hot and dry is still the major trading factor of wheat. Damage should be mostly done by now look for demand to be the major factor shortly. Advance Trading forecast HRS wheat production estimate declines 13 mbu to 344 with an average yield of 37.2 bpa. Analyst are forecasting the Australian crop could be 21-23 MMT this year, down from the 35 MMT last year. Winter wheat harvest is moving along at 67% compete, up 14% from last week and on pace with the 5-year average. With recent rallies, it may be time to consider 2018 wheat. Wheat Growers has no contract fees on 2018 Harvest contracts.